I just buy the IPAQ 4700. I browse the bluetooth setup options, the most recently availble phones are not included in the list. How could I download updated driver? Could I send and receive sms from IPAQ 4700?

You mean for the 3rd party Bluetooth Phone app included on the CD? It has a desktop component that will look for new phone drivers and add them to your iPAQ. Even if your phone isn't listed, you can generally select the generic driver or another model made by the phone manufacturer instead.

If that doesn't work, you can try using the iPAQ's built-in Bluetooth software which really doesn't much care what brand phone you're using.